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Consumer confidence index drops in August amid financial market volatility, housing problems

Consumer confidence index drops in August amid financial market volatility, housing problems

Consumer confidence in the U.S. weakened in August as volatile financial markets and housing problems took a toll, a private research group said Tuesday.
The New York-based Conference Board said that its Consumer Confidence Index, declined to 105.0, from a revised reading of 111.9 in July.
Although the index was down, it was slightly stronger than the 104.5 that Wall Street analysts expected.
"A softening in business conditions and labor market conditions has curbed consumers' confidence this month," said Lynn Franco, director of The Conference Board Consumer Research Center. "In addition, the volatility in financial markets and continued subprime housing woes may have played a role in dampening consumers' spirits."
July's reading was revised from an earlier level 112.6, which the Conference Board said was the highest in six years.
The survey is closely watched because consumer spending represents two-thirds of the U.S. economy and confidence levels tend to influence spending.
The survey is based on a representative sample of 5,000 U.S. households to measure consumer sentiment on present economic conditions and the spending outlook for the next six months. The index was based at 100 in 1985.
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On the net:
http://www.conference-board.org


Updated : 2021-05-07 12:06 GMT+08:00